The app will close in October, and Westpac said it would help customers move their funds to other banks. | Clancy Yeates Westpac Afterpay
Buy now, pay later player Afterpay is shutting down its Westpac-backed banking app less than a year after launching it, as its new US owner gets ready to introduce its own finance app in Australia.
- which provides consumers with services including payments, investments, and cryptocurrency trading - in Australia. The Cash App is a critical part of Block’s business, alongside its merchant payment business Square, and it views Australia as a priority market due to Afterpay’s strong local presence.
“Our decision to move in this new direction is due to our exciting next chapter with Block, particularly as we think about Cash App opportunities here in Australia, and we wish the Westpac team and its growing list of BaaS customers continued success,” Hatton said.
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